In case you've missed it, the fisrt pre-release of the Zend PHP framework went public. I briefly looked into it and here's a quick example to get you started.
He steps you through the download/install of the framework and how to set your include path so as not to have any issues. He uses Zend's "Feed" package to import the RSS feed loop through it, and dump the values into an array. It's a very simple reader, but it's done in only about 25 lines of code (complete with exception catching for the feed read).